bank depositors

This week will be remembered for the Cypriot banking crisis. The largish jump in gold open interest last night on a small fall in the price suggests new buyers are accumulating positions at these levels.

Measures being pursued by the Eurozone to force bank depositors in Cyprus to pay for the bailout of their country marks a new unfortunate twist in the financial crisis and one that ultimately could spell the doom of the euro itself.

R. Allen Stanford’s jury, a day after finding the Texas financier guilty of leading a $7 billion international fraud, heard evidence on federal prosecutors’ request that he forfeit $300 million in assets.